Allegheny said ( July 14th )secondquarter profit will come in at $1.65 to $1.67 a share, exceeding an average analyst estimate of $1.52. This earnings outlook includes a $0.11 per share one-time net tax benefit.
The company, set to report results July 23, is “benefiting from the ongoing
transformation of the company, and out product, market, and geographic diversification,” said CEO Patrick Hassey. “In addition, our enterprise risk management programs are reducing the impact of volatile input costs on our earnings results. Our transformation and diversification strategies are designed to position ATI for growth and improved earnings, as well as
providing stability of earnings and cash flow through market cycles.”
Allegheny said in April that its supply chain is experiencing “near-term uncertainty” after Boeing delayed, for a third time, delivery of its 787 Dreamliner airplane. Allegheny signed its largest ever contract, worth $2.5 billion, to supply titanium products to the aerospace manufacturer from 2007 through 2015.